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iBuyers are no longer an option if you?re hoping to sell your house If you?re trying to sell your house right now, you may notice one potential buyer is conspicuously absent?iBuyers.
iBuyers, short for ?instant buyers,? are algorithmically powered home flippers that have come to prominence over the last five years, particularly in markets where relatively uniform single-family homes are the majority of housing, such as Phoenix.
But Zillow, Opendoor, and their competitors in the space have suspended homebuying activity in response to a number of local governments shutting down nonessential businesses in hopes of curbing the spread of COVID-19. The measures make buying unfeasible in some markets where iBuyers operate. Both Zillow and Opendoor will continue to sell houses. ?We plan to restore Zillow Offers full operations once health concerns pass and local health orders are lifted,? said Zillow CEO Rich Barton in a statement.
iBuyers purchase houses for an algorithmically determined ?fair market price? in all cash offers that close in a matter of days, allowing the seller to move much more quickly than in a traditional sale. The iBuyer then cleans and fixes the house to sell on the open market.
The convenience and flexibility of selling to an iBuyer will cost you a small premium in the form of a slightly higher fee than those charge by traditional real estate agents (a realtor will charge around 6 percent and iBuyers charge roughly 7.5 percent) and a slig...